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| Spring guarantee was 170bu APH x 75% x $4.06 =$517.65
Harvest price will likely be less than that so your spring guarantee will be the one you use.
Your actual harvest revenue will be determined by the fall price (Dec futures during Nov) multiplied by your actual production. If your actual harvest revenue is less than your spring guarantee, you have a claim. If your actual harvest revenue is greater than your spring guarantee you do not have a claim.
In other words, if the combination of your actual production multiplied times the fall price is less than 517.65 you can collect. If greater than 517.65, no payment. And yes, the premium is owed regardless of whether or not you collect. Good Luck. | |
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Can someone help me figuring out crop insurance?
